Gulf News Property, 12 May 2018
Dubai: The action is heating up all across Dubai’s beachfront locations.
Not just from those wanting to catch a bit of sun, but investors who feel the combination of a property by the water anywhere in Dubai is the right way to stay ahead of market circumstances.
The latest numbers for freehold transactions in Dubai bear this out — a Bulgari home on Jumeira Bay fetched Dh60 million to be the priciest deal in the first three months. In fact, all of the Top 5 deals involved a property by the water, including a unit at the under-construction 1/JBR, which went for Dh12.97 million, according to data from the brokerage firm Luxhabitat.
“We have seen continuously increasing interest in 1/JBR as our overall market share has increased significantly in the past six months,” said Marwan Al Kindi, Executive Director of Sales and Sales Operations, Dubai Properties, the developer. “It is taking shape on one of the final plots in Jumeirah Beach Residence district and the only residential development in the district with private beachfront access.”
For Dubai Properties, the stakes are indeed sky-high for the 1/JBR. Billed as the master-developer’s “flagship” development, the 239-metre, 46-storey is scheduled for a Q4-19 handover. There are 163 units in various configurations, including five-bedroom penthouses.
On the construction side, a floor is now being added every week. The core walls of the structure have reached the 14th floor. The gross floor area will eventually come to 45,000 square metres, while the built-up will be 74,000 square metres.